Summary:
2 bed flat in Chichester Listed for sale on 17/04/19 @ £230,000 Now = £199,000 Rent = £825pcm Yield = 5.0%
This two-bedroom first floor apartment has been refurbished throughout and is in a good location to the South of Chichester's city centre. It's been on the market since April; originally it was priced at £230,000 but it was reduced to £215,000 in September, when another agent was added into the mix to try and sell it, and it's now been reduced to a very decent £199,000.
It's in a good 'ready to rent' condition, having been redecorated and recarpeted throughout, along with receiving a new kitchen, bathroom, double glazing and electric heating (sadly there's no gas at the property to provide gas central heating - although this could have been accessed from the street and I believe would have been a worthwhile addition). It's a very good size inside, although again had I been refurbishing it I may have re-configured the layout so bedroom two was more generously sized - the lack of a second double bedroom will be a downside for both buyers and tenants. It was obviously one house once upon a time and it appears to have recently been split into two flats on the basis of its refurbishment and the new 125 year lease. The ground rent (£250 per annum) and service charge (£310 per annum) are reasonable, although check the lease to ensure these figures won't ratchet up indefinitely. Being positioned close to the potential Southern Gateway development could be a boon for this property for a long-term landlord, who should expect to achieve a solid 5% rental return based on the full asking price when achieving a realistic £825pcm. The property is on the market with Henry Adams and full details can be found on Rightmove via the following link: https://www.rightmove.co.uk/property-for-sale/property-85118042.html |
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E-mail me on clive@crjlettings.co.uk or call 01243 624 599. Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:
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